Summit Court Apartments
101 Summit Ln, Bala Cynwyd, PA, 19004-2930, US
29 units
Asset Description
Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present the opportunity to acquire Salmon Street Apartments (the “Property”), a newly constructed, 52-unit apartment community located in the up-and-coming Port Richmond neighborhood of Philadelphia, PA.
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Attributes
Number of units
52
Occupancy
94%
Year built
2023
Rentable area
34,590 sf
Number of buildings
2
Media
Investment Highlights
Up and Coming Port Richmond Neighborhood
A recent influx of young professionals have been drawn to the neighborhood due to its historic charm and affordability. The neighborhood offers a blend of traditional local eateries as well as trendy restaurants and cafes.
New Construction Opportunity Offered Below Replacement Cost
Redeveloped in 2023, Salmon Street Apartments preserves the character of the original buildings and incorporates Port Richmond's rich industrial history into its design.
Ample Room to Run
Redeveloped in 2023, Salmon Street Apartments preserves the character of the original buildings and incorporates Port Richmond's rich industrial history into its design.
Best-In-Class Design
Authentic architectural features include high vaulted ceilings, detailed moldings, and large windows providing ample natural light. Modern kitchens include stainless-steel appliances, granite countertops, subway tile backsplash, light gray modern cabinetry, LVT flooring throughout, and matte black hardware.
Full 10-Year Tax Abatement
The Property qualified for a full 10-year abatement of real estate taxes, providing an investor with outsized cash flow throughout their hold.
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Last updated
9 Oct 2024
